CACI International (NYSE: CACI) will buy back $250 million of its common stock through an accelerated share repurchase agreement.
The company said Monday the repurchase equates to approximately 845,000 shares at Friday’s closing price of $295.09, accounting for about 3.6 percent of its outstanding common stock.
The Reston, Virginia-based government technology services contractor expects to receive on Tueday an initial delivery of about 675,000 shares and anticipates all stock repurchases through the ASR agreement to conclude by the end of August.
With the execution of the stock buyback agreement, CACI expects to record $80 million to $85 million in fiscal 2023 interest expense and approximately 23.5 million in diluted weighted average share count.
The accelerated stock buyback is part of the $750 million share repurchase authorization approved by CACI’s board of directors on Thursday, Jan. 26.